MVP says mining EO puts industry ‘at a standstill’

Carlos Santamaria

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Manny V. Pangilinan, the chair of the country's largest mining firm, sees Executive Order (EO) 79, Malacañang's new policy on mining, as a "step in the right direction" but noted that in the meantime, things are "at a standstill"

MANILA, Philippines – Manny V. Pangilinan, the chair of the country’s largest mining firm, sees Executive Order (EO) 79, Malacañang’s new policy on mining, as a “step in the right direction” but noted that in the meantime, things are “at a standstill.”

“If you look at it from the perspective of a more equitable sharing of profitability rather than revenues, it is a step in the right direction,” the chair of Philex Mining Corp. told Rappler at the sidelines of a One Meralco Foundation Event to celebrate his 66th birthday on Friday, July 13.

“The government has promised to fast track the enactment of a new law, but for now we just have to wait for that. In the meantime, things are obviously rather at a standstill,” added Pangilinan, also referred to as MVP.

He said the EO “responds to the need to articulate an updated mining policy, which in many respects the EO has done. The key provision is the postponement of the granting of mining permits, and that seems to be subject to the enactment of the relevant tax legislation.”

“We just have to move faster in that direction to get it done,” urged Pangilinan.

Philex project may be delayed

Nonetheless, he admitted that the mining EO may impact one of Philex’s mining sites.

Since the EO stops the grant of new mining contracts, a portion of Philex’s copper-gold operations in southern Surigao province via Silangan Mindanao Mining Corp. may be delayed.

“There are two pieces of property in Silangan – Boyongan and Bayugo properties. Boyongan already has the MPSA (Mineral Production Sharing Agreement), so we have the relevant permits to do that. We don’t have the same for Bayugo since w just have an exploration permit. That might be delayed because of this EO,” he said on Thursday, July 12, in a mix of Filipino and English.  – Rappler.com

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